|
Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALP NISHIKAWA COMPANY LIMITED [w.e.f. 23.03.2012] |
|
|
|
|
Formerly Known
As : |
ANAND NISHIKAWA COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Anbros House, 25/31, East Patel Nagar, New Delhi-110008 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
07.12.1983 |
|
|
|
|
Com. Reg. No.: |
55-017070 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.75.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25190DL1983PLC017070 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of EPDM Rubber Profile. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2008800 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB+ [Term Loans] |
|
Rating Explanation |
Upgraded from (B) moderate risk of default. |
|
Date |
March 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Sushil Dubey |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-124-4731600 |
|
Date : |
02.05.2014 |
LOCATIONS
|
Registered Office : |
Anbros House, 25/31, East Patel Nagar, New Delhi-110008, India |
|
Tel. No.: |
91-124-4731600 |
|
Fax No.: |
91-124-4731599 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Pawandeep Singh Anand |
|
Designation : |
Managing Director |
|
Address : |
H-5/2, Model Town, Delhi-110009, India |
|
Date of Birth/Age : |
22.04.1977 |
|
Date of Appointment : |
01.10.2005 |
|
Din No.: |
00023193 |
|
|
|
|
Name : |
Mr. Iqbal Singh Anand |
|
Designation : |
Whole Time Director |
|
Address : |
H-5/2, Model Town, Delhi-110009, India |
|
Date of Birth/Age : |
05.02.1949 |
|
Date of Appointment : |
07.12.1983 |
|
Din No.: |
00023075 |
|
|
|
|
Name : |
Mr. Tejbir Singh Anand |
|
Designation : |
Director |
|
Address : |
H-5/2, Model Town, Delhi-110009, India |
|
Date of Birth/Age : |
29.11.1978 |
|
Date of Appointment : |
02.09.2011 |
|
Din No.: |
00038356 |
|
|
|
|
Name : |
Jaswinder Kaur Anand |
|
Designation : |
Director |
|
Address : |
H-5/2, Model Town, Delhi-110009, India |
|
Date of Birth/Age : |
22.01.1958 |
|
Date of Appointment : |
17.11.2011 |
|
Din No.: |
00023316 |
|
|
|
|
Name : |
Yoshimoto Fukuoka |
|
Designation : |
Whole Time Director |
|
Address : |
1-5-6-710, Yoshiura Shinmachi, Shin Mach Kuru, Japan Pin Code 0845 |
|
Date of Birth/Age : |
05.09.1952 |
|
Date of Appointment : |
25.09.2002 |
|
Din No.: |
02322111 |
|
|
|
|
Name : |
Naoki Masukuni |
|
Designation : |
Whole Time Director |
|
Address : |
34-2, Fukawa 1 – Chome Asakita – Tu, Japan, Pin Code 7391751 |
|
Date of Birth/Age : |
15.07.1965 |
|
Date of Appointment : |
17.11.2011 |
|
Din No.: |
03642255 |
|
|
|
|
Name : |
Akira Miyata |
|
Designation : |
Whole Time Director |
|
Address : |
1103 – 11, 29, Kaai, Hatsukaichi – City Hiroshima, Japan, Pin Code
7380016 |
|
Date of Birth/Age : |
16.01.1960 |
|
Date of Appointment : |
17.11.2011 |
|
Din No.: |
03642257 |
|
|
|
|
Name : |
Hideki Ogawa |
|
Designation : |
Director |
|
Address : |
3667-1, Hataga – Cho, Aki – KU, Hiroshima, Japan, Pin Code 7360089 |
|
Date of Birth/Age : |
30.07.1961 |
|
Date of Appointment : |
17.11.2011 |
|
Din No.: |
03642253 |
KEY EXECUTIVES
|
Name : |
Mr. Sushil Kumar Dubey |
|
Designation : |
Secretary |
|
Address : |
B-8, House No. 235, 2nd Floor, Sector 3, Rohini,
Delhi-110085, India |
|
Date of Birth/Age : |
07.01.1977 |
|
Date of Appointment : |
01.05.2012 |
|
Pan No.: |
AJAPD9680N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Iqbal Singh Anand |
|
84160 |
|
Jaswinder Kaur Anand |
|
113120 |
|
Pritpal Singh Anand |
|
48160 |
|
Surinder Kaur Anand |
|
30400 |
|
Pawandeep Singh Anand |
|
54720 |
|
Tejbir Singh Anand |
|
113120 |
|
Annapurna Industrial Resources Private Limited, India |
|
1168 |
|
Anbros Management Services Private Limited, India |
|
3326832 |
|
Nishkawa Rubber Company Limited, India |
|
3760000 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies
corporate |
|
44.37 |
|
Directors
or relatives of directors |
|
5.63 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of EPDM Rubber Profile. |
GENERAL INFORMATION
|
Customers : |
OEM’s
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker, Chandiok
and Company Chartered
Accountants |
|
Address : |
21st Floor, DLF
Square, Jacaranda Marg, DLF Phase 2, Gurgaon- 122002, Haryana, India |
|
PAN No: |
AAAFW4298E |
|
|
|
|
Other Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.10/- each
|
Rs.75.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
75.000 |
75.000 |
67.500 |
|
(b) Reserves & Surplus |
427.224 |
366.785 |
257.581 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
502.224 |
441.785 |
325.081 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
68.624 |
75.332 |
67.039 |
|
(b) Deferred tax liabilities (Net) |
48.085 |
51.088 |
44.248 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
13.983 |
6.977 |
6.108 |
|
Total
Non-current Liabilities (3) |
130.692 |
133.397 |
117.395 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
104.648 |
111.232 |
138.605 |
|
(b)
Trade payables |
172.871 |
277.784 |
225.357 |
|
(c)
Other current liabilities |
98.293 |
114.489 |
141.707 |
|
(d)
Short-term provisions |
17.940 |
1.399 |
4.993 |
|
Total
Current Liabilities (4) |
393.752 |
504.904 |
510.662 |
|
|
|
|
|
|
TOTAL |
1026.668 |
1080.086 |
953.138 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
408.484 |
394.863 |
357.436 |
|
(ii)
Intangible Assets |
54.501 |
72.097 |
51.613 |
|
(iii)
Capital work-in-progress |
9.731 |
9.484 |
44.153 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
10.000 |
10.000 |
10.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
43.381 |
29.960 |
24.730 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
526.097 |
516.404 |
487.932 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
117.323 |
135.374 |
100.882 |
|
(c)
Trade receivables |
330.888 |
276.532 |
188.942 |
|
(d)
Cash and cash equivalents |
8.208 |
6.867 |
6.013 |
|
(e)
Short-term loans and advances |
44.035 |
86.424 |
136.746 |
|
(f)
Other current assets |
0.117 |
58.485 |
32.623 |
|
Total
Current Assets |
500.571 |
563.682 |
465.206 |
|
|
|
|
|
|
TOTAL |
1026.668 |
1080.086 |
953.138 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1870.794 |
1433.968 |
1216.686 |
|
|
|
Other Income |
19.108 |
22.130 |
26.921 |
|
|
|
TOTAL (A) |
1889.902 |
1456.098 |
1243.607 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
920.041 |
775.219 |
689.715 |
|
|
|
Purchases of stock-in-trade |
105.630 |
79.526 |
0.000 |
|
|
|
Employee benefit expense |
253.047 |
187.378 |
115.983 |
|
|
|
Other expenses |
396.525 |
300.323 |
296.288 |
|
|
|
Prior period items |
8.864 |
0.000 |
0.000 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
3.372 |
(7.446) |
9.124 |
|
|
|
TOTAL (B) |
1687.479 |
1335.000 |
1111.110 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
202.423 |
121.098 |
132.497 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
33.569 |
33.504 |
33.321 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
168.854 |
87.594 |
99.176 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
76.018 |
64.029 |
52.448 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
92.836 |
23.565 |
46.728 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
32.397 |
11.860 |
9.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
60.439 |
11.705 |
37.388 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
8.06 |
1.66 |
-- |
|
|
|
-
Diluted |
8.06 |
8.06 |
-- |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover [Approximately] |
|
|
2000.000 |
The above information has been parted by Mr. Sushil Dubey.
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10395375 |
06/11/2012 |
345,870,000.00 |
ING VYSYA BANK
LIMITED |
SCO 90, SECTOR
22, GURGAON - 122001, HARYANA, INDIA |
B65289209 |
|
2 |
10363196 |
02/04/2013 * |
447,998,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA,
INDIA |
B72766694 |
|
* Date of charge modification |
||||||
OPERATIONS:
The unfavorable economic
environment witnessed during the preceding years showed no signs of
improvement. The GDP growth rate which had declined to 6.2% in FY 2011-12,
dropped to 5% for the year. The deceleration has been severe in the
manufacturing sector resulting in growth declining to 1.9% for the year as
compared to 2.7% in the previous year. Factors such as high inflation, rise in
input costs, foreign exchange volatility and high interest rates, continue to
affect the business negatively. During the year the company has achieved a
turnover of Rs. 1889.902 Millions and Profit after tax of Rs. 60.439 Millions.
The Company has
sound manufacturing Facilities which have been constantly upgraded for new
projects or OEM models and it is supported continuously by research and
development wing of the Company.
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Rupee term loan from others |
0.612 |
1.073 |
|
TOTAL
|
0.612 |
1.073 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.20 |
|
|
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.